|
|
|
|
|
|
|
|
|
|
Previous: GREEN TREE FINANCIAL CORP, 8-K, 1999-09-27 |
Next: TARGET PORTFOLIO TRUST, PRES14A, 1999-09-27 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):September 15, 1999
HOME EQUITY LOAN TRUST 1999-D
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Minnesota 33-55853 Applied for
- --------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS employer
of incorporation) file numbers) identification no.)
1100 Landmark Towers, 345 St. Peter Street, Saint Paul, Minnesota 55102-1639
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (612) 293-3400
Not Applicable
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events.
Pursuant to the Pooling and Servicing Agreement between Green Tree
Financial Corporation (the "Servicer") and U S Bank Trust (N.A.) (the
"Trustee"), on September 15, 1999, the Trustee made distributions to
the holders of the certificates representing interests in the Trust
(the "Certificateholders") and delivered to the Certificateholders the
Monthly Report required by Section 6.05 of the Pooling and Servicing
Agreement attached hereto as Exhibit 99.1.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The following is filed herewith. The exhibit number corresponds
with Item 601(b) of Regulation S-K.
Exhibit No. Description
----------- -----------
99.1 Monthly Report delivered to
Certificateholders on
September 15, 1999.
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: September 15, 1999
HOME EQUITY LOAN TRUST 1999-D
By GREEN TREE FINANCIAL CORPORATION
as Servicer with respect to the Trust
By: /s/ Phyllis A. Knight
-------------------------------------
Phyllis A. Knight
Senior Vice President and Treasurer
<PAGE>
INDEX TO EXHIBITS
Exhibit
Number Page
- ------- ----
99.1 Monthly Report delivered to Certificateholders 5
on September 15, 1999.
<PAGE>
EXHIBIT 99.1
GREEN TREE FINANCIAL CORP.
CERTIFICATE REGARDING REPURCHASED CONTRACTS
The undersigned certifies that she is Senior Vice President and Treasurer of
Green Tree Financial Corp., a Minnesota corporation (the "Company"), and that as
such he is duly authorized to execute and deliver this certificate on behalf of
the Company pursuant to Section 6.02 of the Pooling and Servicing Agreement (the
"Agreement") dated as of August 1, 1999 between the Company and U S Bank Trust
National Association, as Trustee of Home Equity Loan Trust 1999-D (all
capitalized terms used herein without definition having the respective meanings
specified in the Agreement), and further certifies that:
1. The contracts on the attached schedule are to be repurchased by the Company
on the date hereof pursuant to Sections 3.05 of the Agreement.
2. Upon deposit of the Repurchase Price for such Contracts, such Contracts
may, pursuant to Section 8.06 of the Agreement, be assigned by the Trustee
to the Company.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 10th day of
September, 1999.
GREEN TREE FINANCIAL CORP.
BY: /s/ Phyllis A. Knight
----------------------------------
Phyllis A. Knight
Senior Vice President and
Treasurer
<PAGE>
GREEN TREE FINANCIAL CORP.
CERTIFICATE OF SERVICING OFFICER
The undersigned certifies that she is Senior Vice President and Treasurer of
Green Tree Financial Corp., a Minnesota corporation (the "Company"), and that as
such he is duly authorized to execute and deliver this certificate on behalf of
the Company pursuant to Section 6.02 of the Pooling and Servicing Agreement (the
"Agreement") dated as of August 1, 1999 between the Company and U S Bank Trust
(N.A), as Trustee of Home Equity Loan Trust 1999-D (all capitalized terms used
herein without definition having the respective meanings specified in the
Agreement), and further certifies that:
1. The Monthly Report for the period from August 1, 1999 to August 31, 1999
attached to this certificate is complete and accurate in accordance with
the requirements of Sections 6.01 and 6.02 of the Agreement; and
2. As of the date hereof, no Event of Termination or event that with notice or
lapse of time or both would become an Event of Termination has occurred.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 10th day of
September, 1999.
GREEN TREE FINANCIAL CORP.
BY: /s/ Phyllis A. Knight
-----------------------------------
Phyllis A. Knight
Senior Vice President and
Treasurer
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1999 - D
MONTHLY REPORT
AUGUST 1999
Distribution Date: 9/15/99
CUSIP# 393505 2Y7 2Z4
3A8 3B6 3C4
3D2 3E0 3F7
3G5 3H3 3J9
Trust Account: 3337701-0
<TABLE>
<CAPTION>
<S> <C> <C>
1. Amount Available (including Monthly Servicing Fee) $ 6,257,574.94
--------------
2. Formula Principal Distribution Amount:
(a) Scheduled Principal $684,614.46
-----------
(b) Principal Prepayments 601,936.21
-----------
(c) Substituted Loans 762,127.12
-----------
(d) Repurchases 0.00
-----------
(e) Previously undistributed (a)-(d) amounts 0.00
-----------
(f) Pre-Funded Fixed Rate Amount, if any
(Post-Funding Payment Date) 0.00
-----------
Total Principal $ 2,048,677.79
--------------
3. Senior Percentage 100%
--------------
4. Class B Percentage 0%
--------------
5. Class A-7 IO Notional Principal Amount $50,000,000.00
--------------
Class A Certificates
- --------------------
Interest
6. Aggregate Current Interest
(a) Class A-1 Pass-through Rate 6.29%
-----
(b) Class A-1 Interest $ 531,155.56
--------------
(c) Class A-2 Pass-through Rate 7.05%
-----
(d) Class A-2 Interest $ 334,875.00
--------------
(e) Class A-3 Pass-through Rate 7.30%
-----
(f) Class A-3 Interest $ 215,755.56
--------------
(g) Class A-4 Pass-through Rate 7.56%
-----
(h) Class A-4 Interest $ 127,680.00
--------------
(I) Class A-5 Pass-through Rate 7.88%
-----
(j) Class A-5 Interest $ 149,720.00
--------------
(k) Class A-6 Pass-through Rate 7.61%
-----
(l) Class A-6 Interest $ 140,573.61
--------------
(m) Class A-7 IO Pass-through Rate 6.50%
-----
(n) Class A-7 IO Interest $ 171,527.78
--------------
7. Amount applied to Unpaid Class A Interest Shortfall $ 0.00
--------------
8. Remaining Unpaid Class A Interest Shortfall $ 0.00
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1999 - D
MONTHLY REPORT
AUGUST 1999
PAGE 2
Distribution Date: 9/15/99
CUSIP# 393505 2Y7 2Z4
3A8 3B6 3C4
3D2 3E0 3F7
3G5 3H3 3J9
Trust Account: 3337701-0
<TABLE>
<CAPTION>
<S> <C> <C>
Class M-1 Certificates
- ----------------------
9. Amount Available less all preceding distributions $ 4,586,287.43
--------------
Interest on Class M-1 Adjusted Principal Balance
10. Class M-1 Adjusted Principal Balance $28,000,000.00
--------------
11. Current Interest
(a) Class M-1 Pass-through Rate 8.35%
(or the Adjusted Weighted Average Loan Rate, if less) -----
(b) Class M-1 Interest $ 123,394.44
--------------
12. Amount applied to Unpaid Class M-1 Interest Shortfall $ 0.00
--------------
13. Remaining Unpaid Class M-1 Interest Shortfall $ 0.00
--------------
Class M-2 Certificates
- ----------------------
14. Amount Available less all preceding distributions $ 4,462,892.99
--------------
Interest on Class M-2 Adjusted Principal Balance
15. Class M-2 Adjusted Principal Balance $28,000,000.00
--------------
16. Current Interest
(a) Class M-2 Pass-through Rate 8.88%
(or the Adjusted Weighted Average Loan Rate, if less) -----
(b) Class M-2 Interest $ 131,226.67
--------------
17. Amount applied to Unpaid Class M-2 Interest Shortfall $ 0.00
--------------
18. Remaining Unpaid Class M-2 Interest Shortfall $ 0.00
--------------
Class B-1 Certificates
- ----------------------
19. Amount Available less all preceding distributions $ 4,331,666.32
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1999 - D
MONTHLY REPORT
AUGUST 1999
PAGE 3
Distribution Date: 9/15/99
CUSIP# 393505 2Y7 2Z4
3A8 3B6 3C4
3D2 3E0 3F7
3G5 3H3 3J9
Trust Account: 3337701-0
<TABLE>
<CAPTION>
<S> <C> <C>
Interest on Class B-1 Adjusted Principal Balance
20. Class B-1 Adjusted Principal Balance $ 16,250,000.00
---------------
21. Current Interest
(a) Class B-1 Pass-through Rate 10.374%
(Adjusted Weighted Average Loan Rate, if less) -------
(b) Class B-1 Interest $ 88,971.46
---------------
22. Amount applied to Unpaid Class B-1 Interest Shortfall $ 0.00
---------------
23. Remaining Unpaid Class B-1 Interest Shortfall $ 0.00
---------------
Class A Certificates
- --------------------
24. Amount Available less all preceding distributions $ 4,242,694.86
---------------
Principal
25. Class A-6 Lockout Percentage for such Payment Date 0.00%
---------------
26. Class A Principal Distribution:
(a) Class A-6 Lockout Pro Rata Distribution Amount $ 0.00
---------------
(b) Balance of Senior Percentage of Formula Principal $ 0.00
Distribution Amount: ---------------
(i) Class A-1 $ 2,048,677.79
---------------
(ii) Class A-2 $ 0.00
---------------
(iii) Class A-3 $ 0.00
---------------
(iv) Class A-4 $ 0.00
---------------
(v) Class A-5 $ 0.00
---------------
(vi) Class A-6 $ 0.00
---------------
27. Class A Principal Balance:
(c) Class A-1 Principal Balance $157,951,322.21
---------------
(d) Class A-2 Principal Balance $ 90,000,000.00
---------------
(e) Class A-3 Principal Balance $ 56,000,000.00
---------------
(f) Class A-4 Principal Balance $ 32,000,000.00
---------------
(g) Class A-5 Principal Balance $ 36,000,000.00
---------------
(g) Class A-6 Principal Balance $ 35,000,000.00
---------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1999 - D
MONTHLY REPORT
AUGUST 1999
PAGE 4
Distribution Date: 9/15/99
CUSIP# 393505 2Y7 2Z4
3A8 3B6 3C4
3D2 3E0 3F7
3G5 3H3 3J9
Trust Account: 3337701-0
<TABLE>
<CAPTION>
<S> <C> <C>
28. Amount, if any, by which Class A Formula Principal Distribution Amount
exceeds the amount distributed pursuant to item (26) $ 0.00
--------------
Class M-1 Certificates
- ----------------------
29. Amount Available less all preceding distributions $ 2,194,017.07
--------------
Principal
30. Class M-1 Principal Distribution $ 0.00
--------------
31. Class M-1 Principal Balance $28,000,000.00
--------------
32. Amount, if any, by which the amount in clause (c) of the Class M-1
Formula Distribution Amount exceeds the amount distributed pursuant
to item (30) $ 0.00
--------------
Class M-2 Certificates
- ----------------------
33. Amount Available less all preceding distributions $ 2,194,017.07
--------------
Principal
34. Class M-2 Principal Distribution $ 0.00
--------------
35. Class M-2 Principal Balance $28,000,000.00
--------------
36. Amount, if any, by which the amount in clause (c) of the Class M-2
Formula Distribution Amount (the "Class M-2 Formula Principal
Distribution Amount") exceeds the amount distributed pursuant to item (34) $ 0.00
--------------
Class B Principal Distribution Tests
(tests must be satisfied on and after the Payment Date occurring in August 2002)
37. Average Sixty-Day Deliquency Ratio Test
(a) Sixty-Day Delinquency Ratio for current Payment Date 0.01%
--------------
(b) Average Sixty-Day Delinquency Ratio Test (arithmetic of ratios for
this month and two preceding months; may not exceed 20%) 0.00%
--------------
38. Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for current Payment Date 0.19%
--------------
(b) Average Thirty-Day Delinquency Ratio Test ( arithmetic average of
ratios for this month and two preceding months; may not exceed 12%) 0.06%
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1999 - D
MONTHLY REPORT
AUGUST 1999
PAGE 5
Distribution Date: 9/15/99
CUSIP# 393505 2Y7 2Z4
3A8 3B6 3C4
3D2 3E0 3F7
3G5 3H3 3J9
Trust Account: 3337701-0
<TABLE>
<CAPTION>
<S> <C> <C>
39. Cumulative Realized Losses Test
(a) Cumulative Realized Losses for current Payment Date (as a percentage
of Cut-off Date Pool Principal Balance: may not exceed 7.5%.) 0.00%
--------------
40. Current Realized Losses Test
(a) Current Realized Losses for current Payment Date $ 0.00
--------------
(b) Current Realized Loss Ratio (total Realized Losses for most
recent six months, multiplied by 2, divided by arithmetic
average of Pool Scheduled Principal Balance for sixth preceding
Payment Date and for current Payment Date; may not exceed 2.0%) 0.00%
--------------
41. Class B Principal Balance Test
(a) Class B Principal Balance plus Over-collateralization Adjustment
Amount divided by Pool scheduled Principal Balance for prior
Payment Date (must equal or exceed 14%) 7.00%
--------------
Class B-1 Certificates
- ----------------------
42. Amount Available less all preceding distributions $ 2,194,017.07
--------------
Principal
43. Class B-1 Principal Distribution $ 0.00
--------------
44. Class B-1 Principal Balance $16,250,000.00
--------------
45. Amount, if any, by which the amount in clause (c) of the Class B-1
Formula Distribution Amount exceeds the amount distributed pursuant
to item (43) $ 0.00
--------------
Class M-1 Certificates
- ----------------------
46. Amount Available less all preceding distributions $ 2,194,017.07
--------------
Liquidation Loss Interest
47. Class M-1 Formula Liquidation Loss Interest Distribution Amount $ 0.00
--------------
48. Amount applied to Unpaid Class M-1 Liquidation Loss Interest Shortfall $ 0.00
--------------
49. Remaining Unpaid Class M-1 Liquidation Loss Interest Shortfall $ 0.00
--------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1999 - D
MONTHLY REPORT
AUGUST 1999
PAGE 6
Distribution Date: 9/15/99
CUSIP# 393505 2Y7 2Z4
3A8 3B6 3C4
3D2 3E0 3F7
3G5 3H3 3J9
Trust Account: 3337701-0
<TABLE>
<CAPTION>
<S> <C> <C>
Class M-2 Certificates
- ----------------------
50. Amount Available less all preceding distributions $2,194,017.07
-------------
Liquidation Loss Interest
51. Class M-2 Formula Liquidation Loss Interest Distribution Amount $ 0.00
-------------
52. Amount applied to Unpaid Class M-2 Liquidation Loss Interest Shortfall $ 0.00
-------------
53. Remaining Unpaid Class M-2 Liquidation Loss Interest Shortfall $ 0.00
-------------
Class B-1 Certificates
- ----------------------
54. Amount Available less all preceding distributions $2,194,017.07
-------------
Liquidation Loss Interest
55. Class B-1 Formula Liquidation Loss Interest Distribution Amount $ 0.00
-------------
56. Amount applied to Unpaid Class B-1 Liquidation Loss Interest Shortfall $ 0.00
-------------
57. Remaining Unpaid Class B-1 Liquidation Loss Interest Shortfall $ 0.00
-------------
Class B-2 Certificates
- ----------------------
58. Amount Available less all preceding distributions $2,194,017.07
-------------
Interest
59. Current Interest
(a) Class B-2 Pass-through Rate 11.361%
(or the Adjusted Weighted Average Loan Rate, if less) -------
(b) Class B-2 Interest $ 112,426.56
-------------
60. Amount applied to Unpaid Class B-2 Interest Shortfall $ 0.00
-------------
61. Remaining Unpaid Class B-2 Interest shortfall $ 0.00
-------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1999 - D
MONTHLY REPORT
AUGUST 1999
PAGE 7
Distribution Date: 9/15/99
CUSIP# 393505 2Y7 2Z4
3A8 3B6 3C4
3D2 3E0 3F7
3G5 3H3 3J9
Trust Account: 3337701-0
<TABLE>
<CAPTION>
<S> <C> <C>
Principal
62. Class B-2 Principal Distribution $ 0.00
---------------
63. Class B-2 Guaranty Payment $ 0.00
---------------
64. Class B-2 Principal Balance $ 18,750,000.00
---------------
65. Amount, if any, by which Class B2 Formula Distribution Amount plus
Class B-2 Liquidation Loss Principal Amount exceeds Class B2
Distribution Amount $ 0.00
---------------
Class A, Class M, and Class B Certificates
- ------------------------------------------
66. Pool Scheduled Principal Balance $497,951,322.21
---------------
67. Pool Factors
(a) Class A-1 Pool Factor .98719576
---------------
(b) Class A-2 Pool Factor 1.00000000
---------------
(c) Class A-3 Pool Factor 1.00000000
---------------
(d) Class A-4 Pool Factor 1.00000000
---------------
(e) Class A-5 Pool Factor 1.00000000
---------------
(f) Class A-6 Pool Factor 1.00000000
---------------
(g) Class M-1 Pool Factor 1.00000000
---------------
(h) Class M-2 Pool Factor 1.00000000
---------------
(i) Class B-1 Pool Factor 1.00000000
---------------
(j) Class B-2 Pool Factor 1.00000000
---------------
68. Loans Delinquent:
(a) 31-59 days 871,383.00 17
---------- ------------
(b) 60-89 days 55,014.00 2
---------- ------------
(c) 90 or more days 0.00 0
---------- ------------
69. Principal Balance of Defaulted Loans $ 0.00
---------------
70. Number of Liquidated Loans and Net Liquidated Loss # 0 $ 0.00
----------- ---------------
71. Number of Loans Remaining 8,477
---------------
72. Pre-Funded $ 0.00
---------------
</TABLE>
<PAGE>
GREEN TREE FINANCIAL CORPORATION
CERTIFICATES FOR HOME EQUITY LOANS
GREEN TREE TRUST
1999 - D
MONTHLY REPORT
AUGUST 1999
PAGE 8
Distribution Date: 9/15/99
CUSIP# 393505 2Y7 2Z4
3A8 3B6 3C4
3D2 3E0 3F7
3G5 3H3 3J9
Trust Account: 3337701-0
<TABLE>
<CAPTION>
<S> <C> <C>
Company
- -------
73. Monthly Servicing Fee (.50%) $ 208,333.33
-------------
Company
- -------
74. Class B-2 Guaranty Fee (3.00%) $1,250,000.00
-------------
Class C Subsidiary Certificates
- -------------------------------
75. Class C Subsidiary residual payment $ 0.00
-------------
Class C Master Certificates
- ---------------------------
76. Class C Master Distribution Amount $ 623,257.18
-------------
</TABLE>
Please contact the Bondholder Relations Department of U.S. Bank Trust National
Association at (612) 224-0444 with any questions regarding this Statement or
your Distribution.
|
|